Stem Cell Banking Market is Estimated to Witness Significant Growth Owing to Increasing Support for Regenerative Medicine

 

Stem Cell Banking Market

Stem cell banking refers to the process of collecting, preserving, and storing stem cells obtained from body tissues (umbilical cord blood and tissues, placenta, and amniotic fluid) for potential future use in stem cell therapies. Stem cells are cells found in all humans and animals with the remarkable potential to develop into many different types of cells in the body. Stem cells can theoretically divide without limit to replenish other cells as long as the person or animal is still alive. When a stem cell divides, each new cell has the potential either to remain a stem cell or become another type of cell with a more specialized function, such as a muscle cell, a red blood cell, or a brain cell.

 

The global stem cell banking market is estimated to be valued at US$ 534.81 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Rising prevalence of chronic conditions is anticipated to drive growth of the stem cell banking market over the forecast period. According to the Centers for Disease Control and Prevention, in the United States chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in America. Additionally, according to the World Health Organization's (WHO) statistics, the burden of chronic diseases is rapidly increasing both in developed and developing nations posing challenges for health systems globally. For instance, cancer is projected to surpass heart disease as the leading cause of death globally by 2030. Therefore, the increasing prevalence of chronic diseases is expected to generate increased demand for stem cell-based therapies, thereby boosting market growth.

Furthermore, increasing awareness about the therapeutic potential of stem cells is also expected to propel growth of the stem cell banking market during the forecast period. Stem cell research is evolving at a rapid pace paving way for new therapeutic discoveries and applications. Active involvement of various government and non-government organizations in spreading awareness about the benefits of stem cell therapy and stem cell banking is fueling adoption.For Instance, initiatives by International Society for Stem Cell Research (ISSCR) to spread awareness about stem cell science and its clinical applications is supporting overall market expansion.

 

SWOT Analysis

Strength: The stem cell banking market has high growth potential. With increase in genetic disorders and chronic diseases, demand for stem cell banking will increase. Stem cell banking offers new treatment options for otherwise incurable diseases. Government initiatives to promote stem cell research will further boost the market.

Weakness: High costs associated with stem cell collection, processing, cryopreservation and storage limits the adoption of stem cell banking services. Lack of awareness about stem cell therapy among public also hampers market growth.

Opportunity: Increasing R&D activities to develop new therapeutic applications of stem cells will create new market opportunities. Collaboration between private players and research institutes can increase commercialization of stem cell therapies. Emerging economies offer scope to expand due to growing healthcare investments and patient pool.

Threats: Ethical issues related to embryonic stem cell research and legal regulations on the same vary across regions posing challenges. Limited donor base for stem cell collection and low success rates of stem cell transplant therapies also threaten market prospects to some extent.

 

Key Takeaways

The Global Stem Cell Banking Market Size is expected to witness high growth. Regional analysis related content comprises growing at a CAGR of 5.4% during the forecast period. North America currently dominates the market due to favorable governmental initiatives and presence of strong healthcare infrastructure. Asia Pacific stem cell banking market is expected to witness fastest growth over the next few years with India and China emerging as lucrative investment destinations in the domain.

 

Key players operating in the stem cell banking market are CM Fine Chemica, Cayman Chemical, Santa Cruz Biotechnology, Stemcell Technologies, Bio-Techne, Merck Millipore, Thermo Fisher Scientific and Lonza. Collaborations between private stem cell banks and research institutes are expected to expedite commercialization of new therapies. Growing public-private partnerships in developing economies will expand regional market potential. Ethical and legal issues pose threats and require coordinated efforts from stakeholders to realize full prospects.

 


Get More Insights Here

https://www.newswirestats.com/stem-cell-banking-market-analysis-size-share-growth-outlook-2023/

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